DIB eager to help Pakistan in floating Sukuk bonds

ISLAMABAD - Dubai Islamic Bank (DIB) has expressed the desire to work closely with Pakistan in promotion of Islamic Banking in the country and to assist in floating of Sukuk Bonds by government.A delegation of Dubai Islamic Bank led by its CEO Dr Adnan Chilwan met the Finance Minister Senator Mohammad Ishaq Dar on Thursday in Dubai, on the sidelines of his meetings with IMF. During the meeting they discussed various avenues of cooperation between DIB and government of Pakistan. The meeting was a follow up of an earlier meeting held in Islamabad on January 29, 2014. The Finance Minister Senator Ishaq Dar while talking to Dr Adnan Chilwan said that the government is committed to increase the foreign exchange reserves of the country to double digits by March and $16 billion by the end of the current year. In this connection several International Financial Institutions and International Banks were now approaching the government, which is a testimony of the confidence they have in its economic policies. The Finance Minister said that the government is keen to promote Islamic Banking in the country and has recently constituted a Steering Committee to fast track the work on its promotion. The Finance Minister expressed the hope that the Government of Pakistan and DIB would work closely to achieve the fundamental objective of promoting Islamic Banking besides increasing cooperation to facilitate trade and investment in Pakistan.During the meeting Dr Adnaan Chilwan expressed the desire that DIB is keen to work closely with the Government of Pakistan particularly in the promotion of Islamic Banking in the country and was ready to assist in floating of Sukuk Bonds by Pakistan. DIB was one of the pioneers of Islamic Banking and has worked with various countries in advisory capacity to help them carry out transactions in Islamic mode, he added.Dr Adnan Chilwan said that Dubai Islamic Bank (DIB) was also eager to participate in the upcoming disinvestment of Public Sector Entities (PSE’s) in Pakistan and was ready to offer its financial and technical support to assist the Government of Pakistan.